How Much Life Insurance is Enough?

Life insurance is a crucial step in planning for your future. Not only can life insurance provide assurance for your family if you are no longer around, there are life insurance policies that offer benefits while you are living.

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Based in Toledo, at the Burnor Insurance Agency Inc., we understand the life insurance needs of our customers.

The necessity of life insurance depends on your own personal and financial needs. At Burnor Insurance Agency Inc. we assist and help you determine the type and amount of life insurance that is appropriate for you and your family. Generally, you should consider life insurance if:

You have a spouse

You have dependent children

You have an aging parent or a physically challenged relative who depends on you for support

Your retirement savings are not enough to insure your spouse’s future against a rising cost of living

You have a sizable estate

You own a business

Additional benefits of life insurance other than providing for your loved ones, in case something happens to you include:

The cash value earned and borrowed from a permanent life insurance policy can be used to help with large expenses, such as a college education or down payment on a home.

The growth of a cash-value policy is tax-deferred – you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.

Life insurance can be used to cover funeral expenses and pay estate taxes – consult your tax advisor agent in Toledo for more information.